Economic Issues

China’s debt is not “elephant in the room”; Akufo-Addo gov’t only wants more money from China – rickets-Hagan

China’s debt is not “elephant in the room”; Akufo-Addo gov’t only wants more money from China – rickets-Hagan

radiogoldlive.comMar 9, 2023 3:33 PM

Member of Parliament for Cape Coast South George Kweku Ricketts-Hagan suspects the Nana Akufo-Addo led Ghanaian government is engaged in a charm offensive to borrow more money from Ghana.

The Government of Ghana has described China as the “elephant in the room” in its bid to restructure its external debt in a race against time to secure an agreement with the International Monetary Fund (IMF).

Ghana owes China an estimated $1.7billion, a debt that the Ghana government has indicated it must renegotiate new terms to give the country some wiggle room.

Speaking in an interview on the Gold Morning Conversation on Radio Gold, Cape Coast South MP George Kweku Ricketts-Hagan wondered how government arrived at the conclusion that China was the “elephant in the room” when it is not Ghana’s biggest creditor.

According to him Ghana’s debt to China, pales in comparison to Ghana’s debt on the EUROBOND market.

The Cape Coast South MP told Sena Nombo the elephant in the room when it comes to Ghana’s external debts, the EuroBond market held an estimated $13billion thus is “the elephant in the room”.

He suspects government of Ghana is giving China so much attention because the Nana Akufo-Addo led administration sees the opportunity to get more money from Ghana. Story:            

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